JOHANNESBURG -- Anglo American’s proposed US$54 billion merger with Canada’s Teck Resources and the sale of its Brazilian nickel business have become test cases for navigating geopolitical complexities as they await antitrust approval, CEO Duncan Wanblad said on Wednesday.
The Anglo-Teck merger, announced in 2025, has received approval from all countries where the companies operate except China. Both expect the deal to close by March 2027.
Critical minerals have become a flashpoint in global competition, with major economies seeking to secure supply chains for electric vehicles, renewable energy and defence.
China’s antitrust regulator has asked Anglo American to commit to supplying the country with a steady flow of copper concentrate as a condition for approving the merger, three people aware of the development said.
Geopolitical shifts, supply chain disruptions and critical mineral nationalism have created a complex environment for such deals, Wanblad told a mining conference in Johannesburg via video link.
‘In new waters’
“We are in new waters. We are pioneering in a way. I genuinely don’t think from an antitrust perspective there should be any issues with any of these deals,” Wanblad said.
He cited Anglo’s proposed sale of its Brazilian nickel business to MMG, which drew a warning from the European Union over concerns the Hong Kong-listed miner could divert supply away from Europe, hurting stainless steel producers there. The sale is awaiting EU approval.
Anglo American also agreed to sell its steelmaking coal mines in Australia to U.K.-based miner Dhilmar for up to $3.88 billion.
“We are kind of the guinea pigs for the market in terms of working this out,” Wanblad said.
Wanblad also said he was hopeful the sale of diamond company De Beers would be completed by the end of this year.
The sale of the assets is part of Anglo’s restructuring aimed at focusing on copper and iron ore.
The Teck merger would expand Anglo’s copper portfolio, positioning it as the fifth-largest producer of the metal critical to the energy transition.
(Reporting by Nelson Banya and Olivia Kumwenda-Mtambo; Editing by Rod Nickel)
